Bonds or Bust: Financing Africa

Last week, Moody’s, the credit-rating agency, warned that rising government debt in Africa could lead to credit-rating downgrade in the continent. There is a flurry of sub-Saharan African countries issuing bonds to finance infrastructure projects and fill budget deficits. Since Ghana raised $750 million by issuing a 10-year Eurobond with an 8.5% coupon rate in 2007, others … More Bonds or Bust: Financing Africa